How to Price Your Home Like a Savvy Seller
First, let's think like an appraiser, because bottom line, they will have the last say! Appraisers have a complex system for determining home value, which accounts for the home's condition as well as the values of similar houses in the areas. Use this site as a resource to get the latest sold listings in Lake of the Woods, VA so you can stay savvy like the rest of us and make the most out of your investment!
Home pricing is more of a science than an art, but many homeowners price with their heartstrings instead of cold, hard data. Smart sellers know that crunching the numbers is always the better route to an accurate home price. Here’s how they do it.
4 things home sellers do when pricing their homes.
Avoid Overpricing
You lose a lot of time and money if you don’t price it right. It's hard to remove the sentimental value and look at the hard data for some seller's. Times are changing and some buyer's are looking for main level living or a multi-generational homes to fit the entire families' needs. So look to the facts of what is being sold and what buyer's are out there. Also take into consideration when you are listing your home. Generally speaking, in the middle of the summer, the market can get saturated meaning some seller's will have to adjust their price to stay competitive.
Another culprit for many misrepresented home values is online tools, like Zillow’s “Zestimate”, that prescribe an estimated market value based on local data. For example, In Lake of the Woods VA, the local data collected doesn't always take into consideration whether you have waterfront, golf-course access which can be an added value and luxury. These estimates can be wildly inaccurate so use these online values as a tool but also integrate the actual sold data of your neighborhood into the final decision for pricing your home.
Don't Expect Dollar-for-Dollar Returns
Major remodels and additions can inflate the square footage and the price without accounting for the surrounding neighborhood. That can create a disconnect for buyers: Wealthier ones who might be interested in the upgraded home disliked the neighborhood, and less affluent buyers couldn’t afford the asking price. That’s not to say that renovations aren’t worth it. You want to enjoy your home while you’re in it, absolutely! Smart renovations make your home more comfortable and functional but should typically reflect the neighborhood.
Use Comparable Sales / Neighborhood Home Values
Of course, the best pricing strategy is to consult a local real estate agent. These professionals have access to the MLS/ listing database and can provide you the results on what is currently on the market, what is under contract and what has recently sold. They’re not just looking at your neighbors; they’re seeking out near-identical homes with similar floor plans, square footage, and amenities that sold in the last few months. They can make an accurate estimate of what you can expect to receive for your home.
Realtors can provide you this information and help you to determine a fair price that’ll entice buyers. Keep in mind, the number might be less than you hope and expect, but by listing your home correctly (not idealistically), this is a sure way to avoid the aches and pains of a long, drawn-out listing that just don’t sell.
Adjust the Price When Needed
Once your home is on the market, you’ll start accumulating the buyers reactions and feedback to your home and price. If you don't see a lot of showings in a neighborhood where the buyer's are looking, you may be overpriced. When it comes to finding a buyer for your home, pricing it according to data is crucial to making the sale. This is the most accurate information available. What could come in to play that the buyer's want: more updates, location, main level living, basements and amenities.
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$325,0003 Beds, 2 Baths1,725 sqftListing provided by Non Member, Non Subscribing OfficeMLS VAOR138434N/A Days on Market
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$269,0003 Beds, 2 Baths1,468 sqft lot 15,682 sqftListing provided by Tiffany Prine, United Real Estate Premier, Inc.MLS VAOR13836030 Days on Market
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2 Beds, 2 Baths1,132 sqftListing provided by Teresa Irish, Weichert, REALTORSMLS VAOR13834029 Days on Market
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$265,0003 Beds, 2 Baths1,292 sqftListing provided by Suzanne Godin, Coldwell Banker EliteMLS VAOR13833634 Days on Market
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$470,0004 Beds, 4 Baths3,100 sqft lot 13,068 sqftListing provided by Crystal Curtis, Samson PropertiesMLS VAOR13833434 Days on Market
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$800,0003 Beds, 3 Baths1,372 sqft lot 16,118 sqftListing provided by Kim Goldsmith, Keller Williams Realty/Lee Beaver & Assoc.MLS VAOR13831642 Days on Market
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$500,0003 Beds, 2 Baths2,856 sqft lot 12,197 sqftListing provided by Ruthan O'Toole, Century 21 Redwood RealtyMLS VAOR13818047 Days on Market
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$286,0003 Beds, 2 Baths1,734 sqft lot 14,811 sqftListing provided by Michael Asmus, NextHome MissionMLS VAOR13826222 Days on Market
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$250,5003 Beds, 2 Baths1,511 sqftListing provided by Mandy Brown, CENTURY 21 New MillenniumMLS VAOR13825249 Days on Market
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$346,0004 Beds, 3 Baths2,240 sqftListing provided by Kelly Thornton, RE/MAX CrossroadsMLS VAOR13825031 Days on Market
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$249,9003 Beds, 2 Baths1,404 sqft lot 14,811 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS VAOR13822648 Days on Market
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$250,0003 Beds, 2 Baths1,460 sqftListing provided by Conway Reid, INK Homes and Lifestyle, LLC.MLS VAOR13821635 Days on Market
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$310,0003 Beds, 2 Baths1,670 sqft lot 14,811 sqftListing provided by Benita Kay, Coldwell Banker EliteMLS VAOR13821252 Days on Market
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$325,0003 Beds, 2 Baths2,119 sqft lot 13,068 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS VAOR13819632 Days on Market
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$350,0005 Beds, 3 Baths3,312 sqft lot 16,989 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS VAOR13820029 Days on Market
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$318,0003 Beds, 2 Baths1,941 sqftListing provided by Mary Tibbatts, Weichert, REALTORSMLS VAOR13818264 Days on Market
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$175,0003 Beds, 2 Baths2,096 sqft lot 11,326 sqftListing provided by Non Member, Non Subscribing OfficeMLS VAOR138174N/A Days on Market
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3 Beds, 3 Baths2,172 sqft lot 19,167 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS VAOR13817050 Days on Market
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$525,0003 Beds, 2 Baths1,806 sqft lot 12,633 sqftListing provided by Non Member, Non Subscribing OfficeMLS VAOR137872N/A Days on Market
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$719,0004 Beds, 3 Baths1,686 sqft lot 13,504 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS VAOR13816850 Days on Market
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$225,0003 Beds, 2 Baths1,500 sqftListing provided by Bethany Pannell, 1st Choice Better Homes & Land, LCMLS VAOR13817267 Days on Market
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4 Beds, 3 Baths2,626 sqftListing provided by Vasileios Geronymakis, KW UnitedMLS VAOR13816639 Days on Market
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$395,0004 Beds, 4 Baths2,954 sqft lot 13,940 sqftListing provided by Penny Ostlund, Coldwell Banker EliteMLS VAOR13815647 Days on Market
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$44,9000 Beds, 0 Bathlot 11,326 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS VAOR13815423 Days on Market
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$225,0003 Beds, 2 Baths1,472 sqftListing provided by Jo-Anne Lambert, United Real Estate Premier, Inc.MLS VAOR13812448 Days on Market
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$410,0004 Beds, 3 Baths1,887 sqftListing provided by Tina McElroy, Century 21 Redwood RealtyMLS VAOR13811645 Days on Market
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$275,0003 Beds, 2 Baths1,817 sqft lot 14,811 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS VAOR13810436 Days on Market
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$345,0003 Beds, 2 Baths1,870 sqft lot 10,455 sqftListing provided by Tiffany Prine, United Real Estate Premier, Inc.MLS VAOR13808838 Days on Market
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$349,9003 Beds, 3 Baths2,432 sqftListing provided by Jean Westholt, Coldwell Banker EliteMLS VAOR13805437 Days on Market
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$307,7003 Beds, 2 Baths1,982 sqft lot 10,019 sqftListing provided by Patricia Licata, Keller Williams Capital PropertiesMLS VAOR13801825 Days on Market
All listing data, including, but not limited to, square footage and lot size is believed to be accurate, but the listing agent, listing broker and respective Multiple Listing Services and their affiliates do not warrant or guarantee such accuracy. Therefore, all data should be personally verified through personal inspection by and/or with the appropriate professionals. Listing data last updated 3/4/21 2:22 AM PST.
The listing information on this web site is from various brokers who participate in IDX.
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